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Which of the following statements are true about both monopolistic competition and monopolies? Select all that apply.
a) Price equals average total cost in the long run.
b) Price is above marginal cost.
c) Firms are not price takers.
d) Firms earn zero profit in the long run.
A social scientist claims that the average adult watches less than 26 hours of television per week.
During the spring when demand for lobster is relatively low, Maine lobster fishermen are able to sell their lobster catches for about $5.50 per pound. During the summer when demand for lobster is much higher, Maine lobster fishermen are able to sell ..
This declaration would perhaps receive general agreement, but it is not always clear exactly Illustrate what concludes when something is in the public interest.
A major problem for the implementation of privatization during the early years of transition in the formerly planned socialist economic systems has been
What price and quantity will result once the patent expires and competition emerges in this market? Explain your answer.
Assume the money supply (M) is $1,200 billion, bank deposits (D) are $800 billion and the required reserve ratio is 10%. What would the Fed have to do (in terms of open market operations) to lower the money supply by 5% ? Explain.
Why are cartels difficult to maintain? What is needed for predatory pricing to succeed in increasing long run profits? Consider the following game in which two players simultaneously decide whether to adopt technology A or adopt technology B. If the ..
a marketing order for oranges has a fixed total supply of q1000 crates a month. demand in the fresh orange market is qf
During the recession of 2001, despite the reduce in aggregate Demand the price level was essentially stable. That of the following is a reason for this.
Briefly elucidate why magnification effect plays an important role in predicting where various groups in economy will support or oppose international trade.
Tom gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 112 hours. His wage is $20. His utility function is U(C,L) = C^3/4*L^1/4. Tom receives 640 each week from her great-grandmother. What is the mar..
Bribes: Two players find themselves in a legal battle over a patent. The patent is worth 20 to each player, so the winner would receive 20 and the loser 0. Given the norms of the country, it is common to bribe the judge hearing a case.
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